TMI BlogSimplification of Procedure for Removal of Name of Defunct Companies.X X X X Extracts X X X X X X X X Extracts X X X X ..... ced simplification in the operation of the provisions of Section 560 in such a way that the Registrar of Companies (ROCs) can weed out the defunct and dormant companies. This was done vide circular nos.9/7/83-CL.III dated 17.2.1987 and 1/3/91-CL.V / 5/4/91-CL.III dated 19.2.1991. This enabled the ROCs to strike off the names of defunct companies exercising, suo moto, the powers vested in them and on application made by directors confirming that the company has no assets and liabilities and they have no intention to carry on the business and undertaking that they would be personally liable for claims arising in future. 2. The Department subsequently amended Section 3 which came into force w.e.f. 13.12.2000, requiring private companies to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these companies as they are defunct in the sense that either they never took off or carried on any significant business for a significant length of time. It has also come to the notice of the Department that some of the public companies have not even taken commencement of business certificate as required u/s 149 of the Companies Act. 6. Therefore, the Department has considered providing an easy exit route to small, non-functioning or defunct companies. It has accordingly been decided to introduce a Simplified Exit Scheme (SES), simplifying the procedures to be adopted by companies as well as ROCs in striking off the name of defunct companies, with in-built safeguards to ensure that unscrupulous promoters/directors/managers do not escape ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) The application should be accompanied by an affidavit of at least two directors, sworn before a Magistrate or an Executive Magistrate (not a notary), including that of a managing or whole-time director, if there is one, to the effect that the company has not carried on any business and has no assets or liabilities. Draft enclosed as Annexure 'B'. (iv) The application should further be accompanied by an indemnity bond, duly notarized, from at least two directors, including managing or whole-time director, if there is one, to the effect that should there be any liabilities on the company, such liabilities will be met in full by them, even after the name of the company is struck off the register of the companies. Draft is enclosed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OR STRIKING OF NAME OF COMPANY UNDER SECTION 560 OF THE COMPANIES ACT, 1956 UNDER SIMPLIFIED EXIT SCHEME Affix Photo Stamp Size Affix Photo Stamp Size Affix Photo Stamp Size No. of Company Name of the Company: Address of the Company:: To The Registrar of Companies, --------------- (Name of the State) Sir, The Company after carefully considering all aspects has duly resolved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1956 and having its Registered Office at __________________________________________________: 1. Shri_______________, S/o. Shri___________, presently residing at___________________ and having permanent address at___________________ and having PAN No._______________. 2. Shri ______________, S/o. Shri ___________, presently residing at ___________________ and having permanent address at___________________ and having PAN No._______________. 3. Shri ______________, S/o. Shri ___________, presently residing at ___________________ and having permanent address at___________________ and having PAN No._______________. do solemnly affirm as under: 1. The Company was incorporated on __________________ with the object to carry on the bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Signature: 1. Shri____________________ 2. Shri____________________ Date: 3. Shri____________________ [Delete wherever not applicable] ANNEXURE-C INDEMNITY BOND 1. We Shri _______________, S/o Shri ________________, residing at ___________,Shri _______________, S/o Shri __________________, and Shri________________S/o Shri__________________________residing at ____________________, do hereby jointly and severally declare that: (a) We are the Directors of _______________________Private/ Limited, a Company incorporated on ___________ under the Companies Act, 1956 whos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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